Regulatory Alerts2025-06-12
Added · Updated
Recopilación de Normas de Seguros y Reaseguros - Regulatory Modifications on Simplified Due Diligence (LAFTPADM)
Resolution SSF No. 2025-213 amends Articles 67, 72, 73, 77, and 83.1 of the Insurance and Reinsurance Norms Compilation to update anti-money laundering and counter-terrorist financing procedures for insurance companies. The resolution increases simplified due diligence thresholds to USD 5,000 for contracts without early surrenders or partial withdrawals within three years, and to USD 1,000 for mass-market, telephone, digital, and collective insurance products under similar conditions. It also mandates identity and relationship verification before paying indemnities to designated beneficiaries and aligns the scope of these regulations with Life Insurance and investment-related activities as defined by Law No. 19.574.